The Honda logo is displayed at the 44th Bangkok International Motor Show in Bangkok, Thailand, March 23, 2023. Photo by Reuters/Athit Perawongmetha
Japan’s Honda Motor reported a 78% rise in quarterly profits on Wednesday, boosted by both rising sales, particularly in the North American market, and a weak yen.
Japan’s second-largest automaker by sales said its operating profit was 394.4 billion yen ($2.76 billion) in the three months to June, easily beating the estimate average of 324.74 billion yen in a survey of 10 analysts by Refinitiv.
That compares with a profit of 222.2 billion yen in the same period last year.
Like other automakers, Honda said it benefited from strong sales in the key U.S. market as the impact of post-pandemic disruptions in parts and semiconductor supplies waned.
Honda maintained its forecast for a 1.0 trillion yen operating profit for the current year, lower than the average forecast of 1.117 trillion yen from 22 analysts.
